Tsakos Energy Navigation Ltd · NYSE:TEN
Tsakos Energy Navigation — Q3 2007 Earnings Presentation
15 slides from Tsakos Energy Navigation's earnings presentation, Nov 5, 2007
Slide 1: Q3 2007 Earnings Conference Call Supplemental Information
TEN Ltd Tsakos Energy Navigation November 5, 2007 Q3 2007 Earnings Conference Call Supplemental Information
Slide 2: Forward-looking statements
This presentation may contain forward-looking statements that are not based on historical fact, including without limitation, statements containing the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions. Because these forward-looking statemen
Slide 3: Fleet Details (as of November 5, 2007)
Fleet Details (as of November 5, 2007) TOTAL FLEET (incl. vessels under construction) Ships: 51 Dwt: 5,446,839 Double Hull: 100% Average Age (existing): 5.4 years Average Age of World Fleet: 10.7 years Ice-class vessels: 23 Ice-class dwt: 2,010,579 CRUDE FLEET CLEAN / PRODUCT FLEET Ships: 26 Ships:
Slide 4: Fleet Growth (in million dwt)
Fleet Growth (in million dwt) 6 5.45 5 4.09 4 2.93 3 2.68 2.82 2.23 2 1.30 1.42 1.42 1.42 1 0.70 0.80 0.23 0.27 0.32 ------------NYSE----------- -----------------------------OSE------------------------------- 0 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20
Slide 5: Fleet Composition
Fleet Composition CRUDE TANKERS CLEAN / PRODUCT TANKERS Dwt Built Hull Ice Class Dwt Built Hull Ice Class VLCC AFRAMAX - LR 1 Millennium 301,171 1998 DH 1 Proteas 117,055 2006 DH 1A 2 La Madrina 299,700 1994 DH 2 Promitheas 117,055 2006 DH 1A 3 La Prudencia 298,900 1993 DH 3 Propontis 117,055 2006 D
Slide 6: Worldwide Coverage
Worldwide Coverage London Odessa New York ATHENS HQ Ulsan Houston Shanghai Manila Montevideo Still to join the fleet (2008-2010) Product Crude Spot TC TC w/PS COA 6
Slide 7: Earnings Visibility
Earnings Visibility 2007 2008 Name Type TCE Terms J F M A M JN JL A S O N D J F M A M JN JL A S O N D 1 Millennium VLCC $ 40,000 BB $25,500pd (To 09/13) 2 Cape Baker SZX $ 36,000 To 10/09 3 Cape Balboa SZX $ 36,000 To 11/09 4 5 Euronike Silia T SZX SZX $ 37,000 $ 34,000 To 09/09 To 10/11 Time Charte
Slide 8: Secured Revenues
Secured Revenues (Based on employable days remaining and assuming current operational fleet of 43 vessels) 2008 % Days fixed Revenues 75% $290m 2009 % Days fixed Revenues 60% $225m 38 vessels with period employment (profit-share vessels only at min. rates) have secured: 962 months forward coverage (
Slide 9: Newbuilding Program
Newbuilding Program 2007 2008 2009 2010 1 Neo Energy 1 Selecao 1 Ise Princess 1 Uraga Princess 2 Arctic 2 Socrates 2 Asahi Princess 3 Antarctic 3 Maria Princess 3Sapporo Princess 4 Izumo Princess 4 Nikkon Princess 5 Sakoura Princess 6 Andromeda 7 Aegeas Delivered LNG 8 Byzantion 1 Suezmax Natural Ga
Slide 10: Financial Highlights
Financial Highlights 2006 2006 (Q3) 2007 (Q3) Average # of Vessels 33.8 37.1 43.6 TCE Rev. net (mill) $359 $98 $101 Net Income $196.4 $44.5 $49.9 Capital gains $63.3 $13.3 $31.8 EPS, diluted $10.30 $2.33 $2.61 ROE 32.3% n/a n/a EBITDA $303 $80.6 $96.2 (1) 2003 gain on sale and leaseback amortized ov
Slide 11: Financial Highlights (cont.)
Financial Highlights (cont.) (In US$ Mill) 2006 2006 (Q3) 2007 (Q3) Assets Cash 175 140 190 Vessels Book Value, net 1,459 1,365 1,916 Total Assets 1,970 1,893 2,384 Liabilities Total Debt 1,134 1,112 1,427 Equity Total Shareholder’s Equity 755 675 814 Net Debt/Capital 56% 59% 60% 11
Slide 12: Financial Highlights (cont.)
Financial Highlights (cont.) Net Income (in US$mill) EBITDA (in US$mill) 196.4 303 161.8 248 143.3 215 131.0 198 112 59.1 96 50.0 81 44.5 44 3.9 2002 2003 2004 2005 2006 2007 2007 2006 2002 2003 2004 2005 2006 2007 2007 2006 (9mo) Q3 Q3 (9mo) Q3 Q3 Earnings Per Share, diluted 10.30 7.51 8.17 6.86 3.
Slide 13: Dividend Distributions
Dividend Distributions ! Paid in 2 semi-annual installments ! Between 25-50% of Net Income Reflecting Year 2002 2003 2004 2005 2006 2007 YTD Total: Installment 1 $0.50 $0.50 $0.70 $1.00 $1.25 $1.65 $5.60 (Payable October same year) Installment 2 $0.20 $0.50 $0.95 $1.10 $1.50 $4.25 (Payable April of
Slide 14: Market Outperform
Market Outperform " Total returns to investors who subscribed to the IPO in March 2002 and reinvested their dividends has been 37.8% p.a. compounded. For the equivalent period returns for the S&P were 6.7% and for the Dow Jones 4.7% 14
Slide 15: Tsakos Energy Navigation, Ltd contact information
TSAKOS ENERGY NAVIGATION, LTD For more information please contact: !Paul Durham: !Paul pdurham@tenn.gr Chief Financial Officer !George Saroglou: gsaroglou@tenn.gr Chief Operating Officer !Harrys Kosmatos: !Harrys hkosmatos@tenn.gr Senior Manager Corporate Development Tsakos Energy Navigation, Ltd 36
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